PSE Weekly Technical Analysis For November 15-19, 2021

The $PSEI tried to get past the critical level of 7432 but could only advance a bit before it was pulled back down to 7382.84 for the week.

Photo Insert: The Philippine Stock Exchange (PSE) Index Technical Analysis, November 15-19, 2021

The moving averages continue to be bullish as they are following the trend of the index, with the 50-day moving average serving as support at 7078. The MACD is also tracking the upward movement of the index with the lines remaining above the zero line to reflect its move.

Upon testing of the 7432 level, many people took profits since this run has been going on for some time. As expected, many may now be looking to buy back at certain levels but it’s a matter of looking for the stocks for us to ride with the rise of the $PSEI. Good luck and continue to be cautious in trading.

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